FCA data reveals 87 per cent jump in Sesame complaints

Sesame Bankhall Group chief executive George Higginson

Sesame has seen an 87 per cent year-on-year increase in the number of complaints it received between July and December last year.

Figures from the Financial Conduct Authority show Sesame received 1,978 complaints in the second half of last year, compared to 1,060 in the same period in 2011.

Openwork received 710 complaints in the second half of last year, while Personal Touch Financial Services had 523 complaints.

The three companies were the only adviser firms to make the FCA’s complaints table, as the regulator only requires firms with more than 500 complaints within a six month period to publish their complaints data.

As Openwork and PTFS did not receive over 500 complaints in the second half of 2011, there is no comparable data for these firms.

Of Sesame’s total 1,978 complaints, 840 related to life and pensions products, 736 related to general insurance and protection business and 306 related to investments. A further 88 related to mortgages and eight related to banking complaints.

Both Openwork and PTFS’ complaints were driven by GI and protection products.

Sesame upheld 15 per cent of its complaints between July and December last year. Openwork upheld 23 per cent and PTFS upheld 14 per cent.

A Sesame spokesman says: “Whilst the overall number of cases has increased, the percentage being upheld has continued to reduce. Claims management companies are behind many of these complaints, with cases often referred to us regardless of their individual merits.”

Philip J Milton & Company managing director Philip Milton says: “The trouble the networks have in managing complaints is it can be a bit like herding cats. It can be difficult to impose uniform compliance standards across so many different firms.”


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